Bengaluru: Shares in Infosys Ltd fell as much as 3.5% to their lowest in over a month in the intraday trading on Friday after a newspaper reported the company’s founders were planning to sell their stakes, citing people familiar with the development.

The scrip, however, closed at Rs948.65, down 0.80% from the previous session’s closing on BSE.

Infosys co-founders are exploring a sale of their entire 12.75% stake, worth about Rs28,000 crore ($4.36 billion), in the software services exporter, Times of India reported.

The newspaper, however, quoted Infosys founder N.R. Narayana Murthy denying such a move. Murthy, along with his family, is the largest shareholder in Infosys with a 3.44% stake.

Shares of the software company fell as much as 3.5% to their lowest since 5 May.

Promoters were not immediately reachable. Infosys had no immediate comment. Reuters